Millennials, those Americans born between 1981 and 1997, are coming into their own financially and want to turn the money they have now into greater wealth by investing for their future. A newly released study by Spectrem Group offers a detailed look into the Millennial investor mindset, revealing some interesting differences compared with their parents’ or grandparents’ generation.
Spectrem’s new report, The Investing Habits of Millennials, takes an in-depth look at the sources of Millennials’ wealth, what they are looking for in investments, and their concerns for the future.
Among some of the report’s key findings include:
· Use of Financial Advisors – More than a quarter of all Millennials do not use a financial advisor, including 24 percent of those with more than $1 million in net worth. Nearly 40 percent of Millennials also indicate they are likely to use a robo-advisor in the future.
· Helping Others – One-third of Millennials with a net worth below $1 million want to use their wealth to benefit society.
· Retirement – More than 60 percent of non-Millionaire Millennials are concerned about having enough retirement income to live comfortably.
“Millennials are the next great challenge for the financial provider industry, but they are a different breed of investor than the older generations,’’ says George H. Walper Jr., President of Spectrem Group. “Understanding how they built their wealth and their specific designs for what to do with their investable assets will benefit providers and advisors looking to create a new business relationship.”
Additional insights about The Investing Habits of Millennials, or any other Spectrem publications, are available at Spectrem.com.
About Spectrem Group
Spectrem Group (www.spectrem.com) strategically analyzes its ongoing primary research with investors to assist financial providers and advisors in understanding the Voice of the Investor.
About Spectrem’s MillionaireCorner.com
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